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Mortgage Broker News | 06 Jan 2015, 11:44 AM Agree 0
Following a FSCO warning about unlicensed individuals who advertise mortgages on posters throughout the Greater Toronto Area, one broker is calling on his peers to report them to the regulatory commission.
  • Deepak Bansal | 06 Jan 2015, 01:35 PM Agree 0
    There are a lot of these signs throughout the GTA and majority of them are not compliant with FSCO advertising standards. In order for this to stop, FSCO needs to start imposing hefty fines/penalties for solicitations from unlicensed persons and for signage that is unethical and/or not compliant. In addition, we as a broker community need to step up and report these signs to FSCO immediately. In my opinion, these signs are not professional and are creating a bad image for our industry.
  • Ranjit Dhillon Centum Mortgage Smart | 06 Jan 2015, 06:05 PM Agree 0
    Well Said Deepak, These signs are all over on the traffic light polls and mail boxes... and these people are creating a bad name for the professionals
  • Tony | 06 Jan 2015, 08:27 PM Agree 0
    I'm afraid FSCO regulates only licensed agents. Those who are not licensed and do not belong to any organization are simply not regulated by somebody who's membership they've never accepted. I am not sure why would those be considered as criminals. Was there any fraud committed by those people who distribute posters that are not in compliance with organization that they are not members of? Are these people criminals just by exercising their constitutional right to earn living? Do we not live in democratic society where suspicion is not considered to be crime?
  • Ron Butler | 07 Jan 2015, 09:32 AM Agree 0
    Tony, they are actually engaged in illegal activity. No one may advertise an offer of mortgages to the public without being registered as a mortgage broker or agent. That is provincial law.
  • Tony | 08 Jan 2015, 05:52 PM Agree 0
    Or lawyer, right?
  • Ron Butler | 08 Jan 2015, 06:04 PM Agree 0
    No, a lawyer may provide private mortgages if approached directly by a client requesting a private mortgage and the lawyer may advise that client he has investors and the lawyer may facilitate that private mortgage transaction but the lawyer may not advertise the service of facilitating private mortgages to the public, the lawyer would have to apply to FSCO for registration as an agent or broker to hold out publically as offering private mortgage services.
  • @kiltedbroker | 11 Jan 2015, 10:51 PM Agree 0
    Game. Set. Match. Butler.
  • Toral | 12 Jan 2015, 08:49 PM Agree 0
    Well said Ron.
  • jim | 19 Jan 2015, 09:42 AM Agree 0
    There are many unlicensed individual working with licensed broker calling themselves "business development managers". These individuals are a drain on an already competitive industry and need to be called out.
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